LGPS Care to Teachers Pension?
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twotonealex
Posts: 72 Forumite
Morning All,
Just a quick one.
My partner has recently left her job within the Police (civilian), and has a DB pension worth around £1500 (awaiting up to date statement) that shes accrued over the last few years.
She starts as a teacher in September and is enrolling in the Teachers Pension Scheme (also DB).
She is going to look at any option to reduce the age of drawing from NRA/faster accruals, as a result if she can reduce it from say 68 to 65 in her Teachers pension, then I'm looking at what options there are to transfer her LGPS Care scheme to TPS.
I know it's difficult when transferring from DB, so just wondering how I go about getting a value, without committing to transferring? Is there anything I'm missing that we should consider?
I know the funds aren't a lot in her DB, but we are mid twenties!
Cheers,
Alex
Just a quick one.
My partner has recently left her job within the Police (civilian), and has a DB pension worth around £1500 (awaiting up to date statement) that shes accrued over the last few years.
She starts as a teacher in September and is enrolling in the Teachers Pension Scheme (also DB).
She is going to look at any option to reduce the age of drawing from NRA/faster accruals, as a result if she can reduce it from say 68 to 65 in her Teachers pension, then I'm looking at what options there are to transfer her LGPS Care scheme to TPS.
I know it's difficult when transferring from DB, so just wondering how I go about getting a value, without committing to transferring? Is there anything I'm missing that we should consider?
I know the funds aren't a lot in her DB, but we are mid twenties!
Cheers,
Alex
0
Comments
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twotonealex wrote: »I know it's difficult when transferring from DB, so just wondering how I go about getting a value, without committing to transferring?
The transfer process will be two-stage by default, first there's a quotation, then if she elects to proceed, the actual transferring.Is there anything I'm missing that we should consider?
It would be a 'Club' transfer, so relatively straightforward. If she has any pre-April 14 membership in the LGPS, she would get an equivalent final salary service credit in the TPS (practically identical because the benefit structures of the final salary schemes were practically identical). The CARE pension would transfer with essentially no change (in particular, she wouldn't get the TPS' superior active member revaluation rate).0 -
Thank you both for your informative responses.
Once she gets her her new statement, we'll have a look at transferring it.
Thanks!
Alex0
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